Advent International has closed its fourth fund, Advent Central and Eastern Europe (ACEE IV), on EUR1bn. ACEE IV was launched in October 2007 with a hard cap of EUR750m and closed in April 2008, having been raised without a placement agent.
Since 1994, Advent International has raised three funds dedicated to Central and Eastern Europe. Earlier this month, Advent closed global fund GPE VI on EUR6.6bn.
40% of commitments to ACEE IV come from pension funds, 26% from funds-of-funds, 8.5% from banks, 12.5% from sovereign wealth fund and the remaining 13% from corporates, family offices and endowments. Four of the largest investors by committed capital are GIC Special Investments, AlpInvest Partners, California State Teachers' Retirement System and the EBRD. 60% of commitments come from investors based in Europe, 23% in the US and Canada, 11% in the Far East and 6% in the Middle East.
ACEE IV will make equity investments of EUR30-100m across Central and Eastern Europe. In a similar fashion to the previously raised CEE funds, ACEE IV can draw upon additional capital from the firm's global fund for larger deals. ACEE IV will lead its activity from London and its four offices in the region: Warsaw, Prague, Bucharest and Kiev.
The fund is expected to announce its first investment shortly.
Chris Mruck and Joanna James are managing partners of Advent International's Central Europe team, supported by local office teams led by Monika Morali-Efinowicz in Poland, Emma Popa-Radu in Romania and Tamas Nagy in Ukraine. Chris Mruck joined Advent in 2003 and is based in Prague, while Joanna James is based in London.
Name: Advent Central & Eastern Europe IV LP
Closed on: EUR1bn
Contact: Chris Mruck or Joanna James
Address: Advent International plc, 111 Buckingham Palace Road, London SW1W 0SR, England
Tel: +44 20 7333 0800
Fax: +44 20 7333 0801.
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